In the fourth tranche of economic stimulus, Finance Minister Nirmala Sitharaman today focused on eight sectors including defence production, saying that foreign direct investment limit in defence manufacturing under automatic route is being raised from 49% to 74%.
This will be subject to security clearance, the finance minister said. The Central government will notify a list of weapons or platforms banned for imports.
The number of items in the list will be increased every year. Those items can only be purchased from India, said Sitharaman.
She said that commercial mining on revenue-sharing basis will be allowed. On Friday, the finance minister had announced ₹1 lakh crore Agri Infrastructure Fund for farm gate infrastructure for farmers